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two thousand and eleven max was re hypothecation it came into the public domain in the collapseofm.f. globalbut you were predicting that there you were saying that for every dollar that a banker steals from you they actually with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way it's done anymore banks have zero in deposits they've all put their deposits outside of their balance sheet because it's considered too much of a liability and they just make loans invalid generously from nowhere and they create a ponzi scheme of multiple layers of debt but now the new stage is to go even deeper with this really hypothecation scam when we see the scituate the morgan not only don't they don't have any reserves that they're not placing any collateral to make loans but they're just stealing people's money out of their accounts as collateral to make loans off their balance sheet on the

two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you were predicting that there you were saying that for every dollar that a banker steals from you they actually with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way...

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m.f. global'sforodd happened through there and i have some stories in the second half relating to what it actually means i am staying for the second i have that's fantastic so in the second half we're going to really dive into the u.k. as world headquarters of financial fraud when you know not that what i'm saying is that i would like to cover what. impact all of these fraudsters play what sort of role they play in actually decimating the livelihoods and life experience of people around the world what the result of all the fraud that we're talking about and the result of the in action the buffoonery the clownish behavior of star cosey calling cameron an obstinate kid in and cameron calling him a frog or whatever it's just childlike behavior when the real world crisis is real for other people it's not a fake story. don't go away stay right there will be right back. well with. technology innovation all the developments around russia we've got the future covered. max keiser welcome back to the times report we're back with stacey herbert who is going to delve into the real consequence

m.f. global's for odd happened through there and i have some stories in the second half relating to what it actually means i am staying for the second i have that's fantastic so in the second half we're going to really dive into the u.k. as world headquarters of financial fraud when you know not that what i'm saying is that i would like to cover what. impact all of these fraudsters play what sort of role they play in actually decimating the livelihoods and life experience of people around the...

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position that we talked about on this show they have struckthem.f. globaljunkor seem to make coal contracts to pay off loans that were commodified by silver that are now on the balance sheet of j.p. morgan you know that there are some are positioned one up by the exact amount of the silver that was stolen from m.f. global customers hello it's you know this is call wealth redistribution you know used to be called communism now it's called wall street if they're redistributing wealth they're taking wealth they're seizing wealth a comments that came in by a tweet from my car key looking back in two thousand and eleven of the reports he said the most memorable moment for him was max screaming at the top of his lungs for jamie diamond cuffs has been my most memorable moment hair raising let's turn to a little clip of that what i can tell it but there are jail unless that jury indicted the cops now max this was before the m.f. global fraud and j.p. morgan's role in in seizing we think the client funds so it was a hey you know so much for wall street how can we not on wall street ma

position that we talked about on this show they have struck the m.f. global junk or seem to make coal contracts to pay off loans that were commodified by silver that are now on the balance sheet of j.p. morgan you know that there are some are positioned one up by the exact amount of the silver that was stolen from m.f. global customers hello it's you know this is call wealth redistribution you know used to be called communism now it's called wall street if they're redistributing wealth they're...

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accepted from john corazonandm.f. globalemployeesyou can see them right there on that chart does this all go to show the crony capitalism and the power of wall street cuts both ways and as we heard obama speak to the nation about restoring the middle class we know corporations have been looking to middle classes and emerging markets to make up for lost business but not for this company not in india. for some not just the former for trying to school. india tells the world's biggest retailer to take a hike we'll tell you all about it let's get to today's capital account. well what can i say it feels like groundhog day for their euro zone crisis you know the bill murray movies same thing over and over again let's kind of take stock you have a debt stricken country the votes for austerity in this case greece people protest on the streets again greece a u.s. official says how important a solution is to the eurozone crisis this week is timothy geitner appearing each day next to a european leader to emphasize this euro zone leaders scramble for a solution germany seems to always make th

accepted from john corazon and m.f. global employees you can see them right there on that chart does this all go to show the crony capitalism and the power of wall street cuts both ways and as we heard obama speak to the nation about restoring the middle class we know corporations have been looking to middle classes and emerging markets to make up for lost business but not for this company not in india. for some not just the former for trying to school. india tells the world's biggest retailer...

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they've totally isolated themselves now from the rest oftheglobalfinancialsystem by again protecting their own college array of fund managers and complete lax regulatory environment let me repeat m.f. global the john corps seen billion dollar scandal went through london ai g. multi billion dollar standalone went through london the lehman brothers scandal went through london it is the world's capital fraud david cameron knows that that's who pays for his reelection campaigns he's financed by bank fraud that's who he protects now he wants the world to finance the city of london while at the same time he's not going to participate in the overall euro project that's not going to work this is his death sentence this is a suicide move by cameron and this will finish is his prime ministership what about trying to put a brave face on it saying the summit is a breakthrough which she says will lead to stability will it well there this seventeen nations in the early zone are sitting on ten thousand tons of gold which is the most important thing going forward as this crisis continues

they've totally isolated themselves now from the rest of the global financial system by again protecting their own college array of fund managers and complete lax regulatory environment let me repeat m.f. global the john corps seen billion dollar scandal went through london ai g. multi billion dollar standalone went through london the lehman brothers scandal went through london it is the world's capital fraud david cameron knows that that's who pays for his reelection campaigns he's financed...

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from and where have they gone wrong from ancient greecetom.f. globalwewill break it down and heading into two thousand and twelve will it be a happy new year for the u.s. economy maybe not economists predict sluggish two percent growth an economy held down by housing troubles government budget cuts and a lousy job market but that did not stop the hordes of people from lining up at malls and waiting all night for a chance to buy the one hundred seventy five dollar air jordan sneakers we'll show you what happened let's get to today's capital account. it is friday and we are getting closer to the first vote in the lead up to the two thousand and twelve presidential elections january third really just a week and a half away is the big day for the iowa caucuses and also efficient cars derivatives exchange has its way this will also be the big day for their new venture to kick off betting on the outcome of this presidential race so suddenly when you see gaffes like this one which is now infamous you could think about how to cash in on it the third agency of government i would i wou

from and where have they gone wrong from ancient greece to m.f. global we will break it down and heading into two thousand and twelve will it be a happy new year for the u.s. economy maybe not economists predict sluggish two percent growth an economy held down by housing troubles government budget cuts and a lousy job market but that did not stop the hordes of people from lining up at malls and waiting all night for a chance to buy the one hundred seventy five dollar air jordan sneakers we'll...

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-emerge as a reserve currency and a panic buying because people realize when they see it likethatm.f. globalbasically stealing customers accounts this is not using derivatives to create a ponzi scheme which is actually reaching in and stealing money they're like wait a minute the whole system is breaking down i better buy more physical gold and even well known pundits who should know better are being caught in the futures market when they should have physical gold. ring of my grandma and i think your diagnosis that we were just talking earlier this week is taking it a subject we were also talking to james records yesterday who sees the entire future of the global monetary system as a race between s.t.r. as which are basically an i.m.f. currency and gold as he sees gold is waiting i know you've talked to james records about the g twenty wanting to pawn germany's gold do you see this as a race and if so who's winning. well the i.m.f. and the s.t.r. will become a currency in which to roll up all of these bad debts in an attempt to extend and pretend yet again but it's going to be a hig

-emerge as a reserve currency and a panic buying because people realize when they see it like that m.f. global basically stealing customers accounts this is not using derivatives to create a ponzi scheme which is actually reaching in and stealing money they're like wait a minute the whole system is breaking down i better buy more physical gold and even well known pundits who should know better are being caught in the futures market when they should have physical gold. ring of my grandma and i...

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m.f. globalyesone day it's your gold and silver the next day it's not the trustee overseeing the liquidation of the failed brokerage m.f. global has proposed dumping all remaining customer assets gold silver cash options futures and commodities into a single pool that would pay customers only seventy two percent of the value of their holdings and other words while traders already may have paid the full price for the delivery of specific bars of gold or silver and hold warehouse receipts to prove it they'll have to forfeit twenty eight percent of the value to me this is the same thing as a run on the comics it's the same thing and let me break it to global audience there's been a run of the comics they don't have the inventory in new york to satisfy the claims . they don't got it therefore ipso facto gold and silver are in demand above and beyond what can be delivered by the market this market is. max i have exclusive footage here from outside the kodak to some m.f. global customers and see their very. way i think that's from north korea very similar looking at footage actually fr

m.f. global yes one day it's your gold and silver the next day it's not the trustee overseeing the liquidation of the failed brokerage m.f. global has proposed dumping all remaining customer assets gold silver cash options futures and commodities into a single pool that would pay customers only seventy two percent of the value of their holdings and other words while traders already may have paid the full price for the delivery of specific bars of gold or silver and hold warehouse receipts to...

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m.f. globalassettransfer questioned commodity customer coalition founder james could two last is requesting that m.f. global bankruptcy judge martin go and investigate three potential legal issues that are said to have occurred in transferring of m.f. global assets the key issues include the fact that j.p. morgan was able to purchase m.f. global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the u.s. bankruptcy court or trustees the third issue centers on j.p. morgan seeking special favors from the federal reserve to receive priority treatment over investor segregated fund accounts jamie's dirty. give a spanking. max this is important it's more than just that mean it is as absurd as that but it is a fact that earlier this year we saw this little clip i'm going to turn to here where jamie diamond stood up and spoke to ben bernanke you braided ben bernanke saying oh you know we've done this list the list five things that the the industry has done to make the financial system more sound look at ben bern

m.f. global asset transfer questioned commodity customer coalition founder james could two last is requesting that m.f. global bankruptcy judge martin go and investigate three potential legal issues that are said to have occurred in transferring of m.f. global assets the key issues include the fact that j.p. morgan was able to purchase m.f. global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the u.s. bankruptcy...

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says.som.f. globalholdingsltd chief executive officer john course i knew that the company made a loan out of segregated customer accounts before it went bankrupt c.m.e. group incorporated chairman terence duffy told the senate does the whose company is and global regulator of principle exchange is the one and said yes well it's becoming clear stacey herbert is that once anyone puts money into a bank they no longer have the rights to that money it's now the right of the bank to control any money in the bank all of the protections for anyone who's putting money in any of these banks or brokerage firms are now gone they're a blitter rated thanks to all the deregulation of the last ten years orchestrated by criminals like john corazon but max the important bit about this testimony from duffy is that junk or resign and only testify earlier that day that he knew nothing about global taking segregated funds they caught him lying under oath now typical a those who have main that there is some kind of penalties but since this is a wall street crime look for the supreme court to suddenly

says. so m.f. global holdings ltd chief executive officer john course i knew that the company made a loan out of segregated customer accounts before it went bankrupt c.m.e. group incorporated chairman terence duffy told the senate does the whose company is and global regulator of principle exchange is the one and said yes well it's becoming clear stacey herbert is that once anyone puts money into a bank they no longer have the rights to that money it's now the right of the bank to control any...

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hundred percent cash for their precious metal positions people for exampleatm.f. globalwhohad their margin accounts ransacked by the folks at j.p. morgan which we now know they stole the money to offset a short summer position they're going to one hundred percent gold in physical gold and gold physical hundred percent paid for cash no margin so you becoming a defacto gold silver star so they're doing the hard lifting for us and there will be forced out out of their windows and they'll do the flying broker routine soon enough now one of the arguments always against holding gold or silver by the likes of warren buffett is that it pays it offers no return japan's gold for bonds offer could boost return by five point nine times japanese finance minister john as zoomie will be rewarding investors who buy reconstruction bonds with half an ounce of gold an added incentive that could boost the return by nearly six times so if you just bought the bonds on offer you would receive approximately fifteen thousand yen back in interest however with this half an ounce gold offer you receive b

hundred percent cash for their precious metal positions people for example at m.f. global who had their margin accounts ransacked by the folks at j.p. morgan which we now know they stole the money to offset a short summer position they're going to one hundred percent gold in physical gold and gold physical hundred percent paid for cash no margin so you becoming a defacto gold silver star so they're doing the hard lifting for us and there will be forced out out of their windows and they'll do...

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creditorofm.f. globalandthey're going to push to get settled on any of their accounts that are owed money ahead of these customers is not also setting a bad message to the retail banking customer out there but the real question manx is again whether there is or is not separation between customer funds that are on deposit or is performance sponsored let's remember this is what the c m e calls these if you go to the web page and you look at the margin to causes that are required to trade contracts they actually call them performance bonds so if they are performance bonds then they should be held separately there should be an escrow function and there is supposed to be a fiduciary responsibility if like depositing escrow money for real estate transaction with a surety it's supposed to go into a segregated account you that in fact has been violated here in the evidence certainly that it has then essentially when you are treating with somebody you are using them as a broker you are for all intents and purposes back in their bets it doesn't matter whether it's a bank or a futures merchant

creditor of m.f. global and they're going to push to get settled on any of their accounts that are owed money ahead of these customers is not also setting a bad message to the retail banking customer out there but the real question manx is again whether there is or is not separation between customer funds that are on deposit or is performance sponsored let's remember this is what the c m e calls these if you go to the web page and you look at the margin to causes that are required to trade...

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from the euro zonecrisism.f. globalcouldjust be the tip of the iceberg laurin well we'll look forward to that definitely tune in for the council account with lauren lyster coming up next well that does appear now for more of the stories we covered go to our team dot com slash usa and check out our new to page with you through dot com flashcard to america you can also follow me on twitter at live wall the capital account with our listener is up next. i passed. more news today violence is once again flared up. these are the images the world has been seeing from the streets of chatter that. giant corporations are all day.

from the euro zone crisis m.f. global could just be the tip of the iceberg laurin well we'll look forward to that definitely tune in for the council account with lauren lyster coming up next well that does appear now for more of the stories we covered go to our team dot com slash usa and check out our new to page with you through dot com flashcard to america you can also follow me on twitter at live wall the capital account with our listener is up next. i passed. more news today violence is...

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exactly and you can see that in this next headline money found in britain may belongtom.f. globalabouttwo hundred million dollars in customer money that vanished from m.f. global is believed to have surfaced at j.p. morgan chase and britain according to people briefed on the matter now remember ok they found two hundred million dollars that's the equivalent of one hundred twenty seven million pounds so here you have one hundred twenty seven million pounds right there on this it count. they haven't prosecuted one single person to try to get that money back instead in duncan smith prosecuted ten thousand brits to get back less than that twenty seven percent less than that regardless it is unclear whether investigators can recover the two hundred million dollars and. slams ten thousand benefit claimants for stealing the equivalent of a soda pop in his imagination versus m.f. global and j.p. morgan which actually without any equivocation or doubt has right stolen millions hundreds of millions of dollars and duncan smith and all the other tory front benchers are sitting on their hands hopi

exactly and you can see that in this next headline money found in britain may belong to m.f. global about two hundred million dollars in customer money that vanished from m.f. global is believed to have surfaced at j.p. morgan chase and britain according to people briefed on the matter now remember ok they found two hundred million dollars that's the equivalent of one hundred twenty seven million pounds so here you have one hundred twenty seven million pounds right there on this it count. they...

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missing and which was you know allegedly taken from customer accountsbym.f. globalmisused and so if this is all going on on regulate. exchanges which everything is supposed to be moving towards we have a lot larger problems that these exchanges themselves are not safe but at some point you know you have to start somewhere because i think that you have to look at the regulations are they are in place you're going to have to fix them but do you just let the derivatives market continue to be regulated because the regulations aren't working properly do you wait it out until you really have you know the proper rules into place or what's the solution do you think in the meantime well you know that's a really good question we can point to plenty of the problems but what really is the solution it depends on where you think this is really really coming from i think a lot will come out of this m.f. global investigation where we'll see kind of where the problems lie it be easy to say ok you know this is kind of the crony capitalism that we see which poor design former head of goldman sac

missing and which was you know allegedly taken from customer accounts by m.f. global mis used and so if this is all going on on regulate. exchanges which everything is supposed to be moving towards we have a lot larger problems that these exchanges themselves are not safe but at some point you know you have to start somewhere because i think that you have to look at the regulations are they are in place you're going to have to fix them but do you just let the derivatives market continue to be...

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resign and only testify earlier that day that he knew nothingaboutm.f. globaltakingsegregated funds they caught him lying under oath now typically this would mean that there are some kind of penalties but since this is a wall street crime look for the supreme court to suddenly convene and rewrite all of the criminal code pertaining to this case making this type of lying under all the legal for the benefit of national security you know the trustee james kids is also quoted in this article because he told the senate i don't think we're magically going to come. to a pot of gold at the end of the rainbow whether or not they'll ever find client funds missing one point two billion he said or more he did say that both the commodities exchange act and the securities investor protection act give a priority to customers and if there is a shortfall there are provisions of both statutes that say other assets ought to be reached to cover those shortfalls he added however max and this is the important bit that other parties may see that issue as a matter of conflict i j.p. morgan and other

resign and only testify earlier that day that he knew nothing about m.f. global taking segregated funds they caught him lying under oath now typically this would mean that there are some kind of penalties but since this is a wall street crime look for the supreme court to suddenly convene and rewrite all of the criminal code pertaining to this case making this type of lying under all the legal for the benefit of national security you know the trustee james kids is also quoted in this article...

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money whether it's euros or dollars orthem.f. globalscandalwhere they were shuffling around massive quantities of counterfeit money or in the lehman brothers or bear stearns or ai gee there's all counterfeit money thing is just a virtual counterfeit company so no money manager in the world can't understand that business model because it's the same business model as their career. business model they've got itself took up baldwin's calls with twitter posts featuring the phrase hash tag let alec play so this looks like it's going to be good for their i.p.o. it might now be revalued a little bit higher but i want to move on to another recent i.p.o. in the tech space and this group on groupon allegedly hacked merchants e-mail to alter contract so a federal class action lawsuit in the united states alleges groupon altered one of its merchants contracts by gaining unauthorized access to the merchants stored e-mail the suit filed by household construction and repair website bid my crib claims groupon sarap tisha slee change the contract to extend the terms of a deal bid my crib had

money whether it's euros or dollars or the m.f. global scandal where they were shuffling around massive quantities of counterfeit money or in the lehman brothers or bear stearns or ai gee there's all counterfeit money thing is just a virtual counterfeit company so no money manager in the world can't understand that business model because it's the same business model as their career. business model they've got itself took up baldwin's calls with twitter posts featuring the phrase hash tag let...

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also work for the terrorists so i well let's move on tothem.f. globalfraudand see some of the victims every because a lot of people have no sympathy they're saying that these are just the gambling sort they shouldn't bet money they can't lose and here n.p.r. speaks to a rancher to ski who is a rancher a small rancher has a cattle ranch and here is his story rancher discusses losing money with m.f. global the bankruptcy of m.f. global and the mismanagement of his clients' money is causing trouble for a lot of ranchers and farmers they were major clients of m.f. global buying futures contracts to hedge against swings in the value of their crops and livestock this is why to risk he says it's the opposite of gambling it was actually being more prudent in protecting his income so here that n.p.r. asked how do you feel about investing in the futures market now or have no problems whatsoever and i don't see how anybody could because basically what i openly it is that i had a segregated account with m.f. global they were the brokerage with the stroke of a computer to somebody you know

also work for the terrorists so i well let's move on to the m.f. global fraud and see some of the victims every because a lot of people have no sympathy they're saying that these are just the gambling sort they shouldn't bet money they can't lose and here n.p.r. speaks to a rancher to ski who is a rancher a small rancher has a cattle ranch and here is his story rancher discusses losing money with m.f. global the bankruptcy of m.f. global and the mismanagement of his clients' money is causing...

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there's no stack limit to the amount that they can read hypothecatesom.f. globalthroughlondon what can it really hypothecated all these sovereign bonds over and over and over and over yes well when i first heard about this loophole in the u.k. securities law that pop occasion could happen infinitely in this continuous mobius strip house of mirrors a fraud my left eye ball pops as you can see i'm practically bleeding out of my eyeball i had such a unbelievable gob smacked moment no wonder the u.k. is enjoyed this debt to equity our debt to g.d.p. ratio of a thousand percent they simply keep reselling the same slice of cake and then loaning against a slice of cake and reloading against it in an infinite amount of time and everybody in the u.k. is of course grown by five o'clock in the afternoon because they're busy re our public getting their securities to infinity they haven't had to work a banner life for ten years well some are speculating that the reason why the fed. came in with all the swap lines was actually because of this re hypothecation by two thousand and seven re hy

there's no stack limit to the amount that they can read hypothecate so m.f. global through london what can it really hypothecated all these sovereign bonds over and over and over and over yes well when i first heard about this loophole in the u.k. securities law that pop occasion could happen infinitely in this continuous mobius strip house of mirrors a fraud my left eye ball pops as you can see i'm practically bleeding out of my eyeball i had such a unbelievable gob smacked moment no wonder...

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lot will come out ofthism.f. globalinvestigationwhere we'll see kind of where the problems lie and be easy to say ok you know this is kind of the crony capitalism that we see which poor design former head of goldman sachs and you know head of this having worked with him at goldman sachs it's easy to say that but then i interviewed william black who was a former regulator who regulated during the savings and loans crisis and he actually said this guy was one of the best regulators that he knows of so if that's the case come on we're really in trouble so far solutions i don't really know i wish i could be more optimistic with acting like i know who out of figure this all out but i don't i try to ask these questions every day on my show to get an answer to that it does seem like anybody out there has a perfect solution unfortunately every time we bring up you know finance or the economy these days it seems like it's bad news and you know it's just one depressing story after another and what do you think of this capital one story that we just did for tool time you know we've seen a

lot will come out of this m.f. global investigation where we'll see kind of where the problems lie and be easy to say ok you know this is kind of the crony capitalism that we see which poor design former head of goldman sachs and you know head of this having worked with him at goldman sachs it's easy to say that but then i interviewed william black who was a former regulator who regulated during the savings and loans crisis and he actually said this guy was one of the best regulators that he...

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crime behindmaxm.f. globalcustomermy entire account is missing this is high ridge futures fund an illinois based futures a fund and they said that more than fifty million dollars held in account with the broker dealer unit of m.f. global is missing and they're asking the federal bankruptcy judge to find it for them but they haven't been able to find it yet the article notes that one point two billion in total is missing still that would mean customer accounts are missing about twenty two percent of their total of five point four billion i know where it is in jamie diamond sock on the weekend when he's up down doing this pimp thing i'm jamie down with the pimp i got the billion in my stock come on down and simple nowheres a whole almost tripped up a prostitute jamie dimon the c.e.o. of j.p. morgan and also the new york federal reserve bank fly. almost superfluid bit shocked. and the article goes on to say once run by former new jersey governor john course m.f. global filed for bankruptcy on october thirty first after a bet on european sovereign debt worried markets causing a liq

crime behind max m.f. global customer my entire account is missing this is high ridge futures fund an illinois based futures a fund and they said that more than fifty million dollars held in account with the broker dealer unit of m.f. global is missing and they're asking the federal bankruptcy judge to find it for them but they haven't been able to find it yet the article notes that one point two billion in total is missing still that would mean customer accounts are missing about twenty two...

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meanwhile show me the money that's what lawmakers and customers have beentellingm.f. globalexecutivespretty much to no avail well now regulators report they have found the missing money and we heard one top regulator alleged chorus line new customer money was dipped into but the big question will customers actually get it back and as gold plunges to a five month low are we seeing the end to investors saying this dynamic. or does the broader collapse in commodity prices signal investors are running to cash selling anything they can get their hands on could this be the excuse the federal reserve needs for q e three and will that even be enough to stop the crash this time around let's figure it out let's get to today's capital account. and we all know him by now he's the former c.e.o. of the bankrupt m.f. global he was back on the hill again today and oh how things have changed over the course of a week from when we first heard him testified before lawmakers regulators now say they know where the missing money went ok that's a huge change we know of course the trustee said up to one poi

meanwhile show me the money that's what lawmakers and customers have been telling m.f. global executives pretty much to no avail well now regulators report they have found the missing money and we heard one top regulator alleged chorus line new customer money was dipped into but the big question will customers actually get it back and as gold plunges to a five month low are we seeing the end to investors saying this dynamic. or does the broader collapse in commodity prices signal investors are...

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of course in the wakeofm.f. global'scollapsewhere it's suspected junk or resign who was in charge was betting with client money one point two billion dollars of that money is believed to be missing now this c a t c wanted to vote on this sooner but they didn't because as i told you last week it was reportedly because of heavy lobbying from none other than john corazon when he was head of m.f. global and before all of this went down the vice president was talking about going to court for policy advice him and the president so how can we believe politicians are regulators when they say that they aim to regulate the very people that they are advising them on policy that are inviting them on policy economist dean baker is back with us to help us figure that out maybe some better solutions so first i want to ask you is this video that i'm going to play kind of sums up the problem with regulations in the u.s. to control that. i literally picked up the phone and called john kors i can see john what do you think we should do. the reason why we told you. to speak your eyes we knew he knew

of course in the wake of m.f. global's collapse where it's suspected junk or resign who was in charge was betting with client money one point two billion dollars of that money is believed to be missing now this c a t c wanted to vote on this sooner but they didn't because as i told you last week it was reportedly because of heavy lobbying from none other than john corazon when he was head of m.f. global and before all of this went down the vice president was talking about going to court for...

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hypothecate and re hypothecate yes and that in fact was withthem.f. globalclientsthey did sign a form that allowed and the global to re hypothecate their funds now the problem arose when in the us it's bankers and brokerages are only allowed to reach high profit one hundred forty percent of their collateral held by their clients in the u.k. however there's no limit there's no stack limit to the amount that they can reach hypothecate so m.f. global through london what henry hypothecated all these common bonds over and over and over and over yes well when i first heard about this loophole in the u.k. securities law that pop occasion could happen infinitely in this continuous mobius strip house of mirrors a fraud my left eye ball pops as you can see i'm practically bleeding out of my eyeball i had such a unbelievable gobsmacked moment no wonder the u.k. is enjoyed this debt to equity our debt to g.d.p. ratio of a thousand percent they simply keep reselling the same slice of cake and then loaning it against a slice of cake and reloading again in an infinite amount of time and everybody in

hypothecate and re hypothecate yes and that in fact was with the m.f. global clients they did sign a form that allowed and the global to re hypothecate their funds now the problem arose when in the us it's bankers and brokerages are only allowed to reach high profit one hundred forty percent of their collateral held by their clients in the u.k. however there's no limit there's no stack limit to the amount that they can reach hypothecate so m.f. global through london what henry hypothecated all...